Heritage Commerce (NASDAQ:HTBK) Announces Earnings Results, Hits Estimates

Heritage Commerce (NASDAQ:HTBK) posted its earnings results on Thursday. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.17, Zacks reports. Heritage Commerce had a net margin of 19.82% and a return on equity of 7.21%. The business had revenue of $63.68 million for the quarter, compared to analyst estimates of $43.14 million.

Heritage Commerce Price Performance

Shares of NASDAQ:HTBK traded down $0.18 during midday trading on Friday, reaching $9.51. 255,574 shares of the company’s stock were exchanged, compared to its average volume of 300,651. The company’s 50 day simple moving average is $9.83 and its two-hundred day simple moving average is $9.08. The firm has a market capitalization of $582.54 million, a PE ratio of 10.34 and a beta of 0.93. Heritage Commerce has a 12 month low of $7.66 and a 12 month high of $10.99. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.76 and a current ratio of 0.76.

Heritage Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 5.47%. The ex-dividend date is Thursday, November 7th. Heritage Commerce’s payout ratio is 56.52%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on HTBK. Piper Sandler raised their target price on shares of Heritage Commerce from $10.00 to $12.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. StockNews.com downgraded shares of Heritage Commerce from a “hold” rating to a “sell” rating in a report on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Heritage Commerce from $10.50 to $11.50 and gave the company an “outperform” rating in a report on Friday, July 26th.

Heritage Commerce Company Profile

Heritage Commerce Corp operates as the bank holding company for Heritage Bank of Commerce that provides various commercial and personal banking services to residents and the business/professional community in California. Its deposit products for business banking and retail markets include interest and non-interest-bearing demand, savings, and money market accounts, as well as certificates of deposit and time deposits.